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爱康医疗：骨科业务平稳增长，数字骨科显露头角
01789AK MEDICAL(01789) 西南证券·2024-09-03 07:11

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company reported a revenue of 660 million CNY (+1.3%) and a net profit of 140 million CNY (+5%) for the first half of 2024, indicating stable growth in its orthopedic business and a notable performance in digital orthopedics [2]. - The company has successfully implemented the national procurement policy, leading to a steady increase in surgical volumes, with a gross margin of 60.6% (-1.26pp) and a net margin of 21.1% (+0.7pp) [2]. - The joint business remains stable, while the spinal business has seen rapid growth, with spinal and trauma products achieving a revenue increase of 37.6% [2]. - The overseas business continues to grow, with overseas revenue reaching 120 million CNY (+9%) in the first half of 2024, and the company has successfully entered markets in Malaysia, Japan, and Spain [2]. - The company expects net profits for 2024-2026 to be 280 million CNY, 370 million CNY, and 460 million CNY respectively [2]. Summary by Relevant Sections Financial Performance - The company achieved a revenue of 660 million CNY in H1 2024, with a net profit of 140 million CNY, reflecting a growth of 1.3% and 5% respectively [2]. - The gross margin for H1 2024 was 60.6%, while the net margin was 21.1% [2]. Product Performance - Hip joint products generated revenue of 360 million CNY (+5%), while knee joint products saw a decline to 195 million CNY (-7.5%) [2]. - The spinal and trauma products revenue increased to 69 million CNY (+37.6%) due to advancements in 3D printing technology [2]. Market Expansion - The overseas revenue reached 120 million CNY (+9%), with significant contributions from the UK and other regions [2]. - The company has made strides in digital orthopedics, with the first commercial installation of its VTS visualization system [2]. Future Projections - The company forecasts net profits of 280 million CNY, 370 million CNY, and 460 million CNY for 2024, 2025, and 2026 respectively [2][3].